i have bad credit.. if i pay everything i owe will it be completely fixed or when i apply for credit again?

Question

will it show that i owed at one time and hurt my score?also is there a place that i can call that will put all my debt together and charge me one monthly bill?one more question if owe 2 banks and i pay those off does my credit get higher or not till i pay all my debts.. cell phone ,credit cards, ?

Answer 1

I am in your shoes too. Yes, even if you pay everything, it will still show that you had bad credit at one time. You need to get a copy of your credit report. I got one from www.freecreditreport.com. Most items will stay visible for 5 years, some others like Judgements or Bankruptcies can mar your credit for up to 10 years or more. If your debts show as "paid in full" it will be much more acceptable than as if it were charged off as bad debt, or even if you negotiated settlement for less than the original debt. You can get a "debt consolidation loan" from a bank or research other lenders online. Hope this helps! Im still working on repairing my credit. I know its not easy.

Answer 2

IrishEyez is correct. It will help to pay off your debts but your credit will not be completely fixed.

One thing you can do is go down to your local friendly bank or credit union and arrange for small short term loans ($100-$500 for 1 - 3 months) and pay them off on time. If they are reluctant to lend to you place some money ($500 or so) in a 1 year CD and use that as collateral for the loan. When you get the loan place it in a savings account or CD coming due the date the loan is to be paid off and MAKE SURE YOU DON'T SPEND IT. Pay off the loan on time, then take out another loan. Keep doing this a few more times. You will pay some paperwork fees and interest, but it will show up as good credit history on your future credit reports.

Answer 3

As stated by other members, your negative credit history will continue to haunt you for quite some time, regardless if you pay off your debts or not.

What you're looking for is a debt consolidation loan. There are a small number of legitimate companies that may or may not offer you a loan, but acceptance depends on the degree of your debt and credit history.

What ever you do, stay away from quick solutions like payday loan companies, etc. They are loan sharks, plain and simple.

I've found a website that has a few debt consolidation lenders that may be able to help you, so I suggest you look into it and see if any suit you.

Answer 4

Bad credit is not a crime and it won't ruin your life. That said your credit score is not really about how much you owe up to a point. You get bad credit when you pay late or don't pay a bill.

I also recommend attending a meeting of Debtors Anonymous. I started going a month ago and it has been a revelation for me.

Answer 5

Check out the FTC website for some helpful information. Your local United Way agency can give you the name of a reputable debt counseling service. They can help you create a budget, contact your creditors (possibly lower your payments and consolidate them). You make a monthly payment to the service and they take care of the rest. Don't get taken by the debt consolidation services you see advertised on tv, etc. Some of them just want you to declare bankruptcy. Good luck.

Answer 6

Hello and gud day! If ever you want to do something about your credit situation. May I suggest that you visit the resource below....

I must admit though that its not for everyone BUT its definitely worth a look...

Answer 7

Unfortunately 7 years or more depending on your creditors. Visit http://www.cheap-credit-cards.org/ for free credit repair tips

Answer 8

www.creditinfocenter.com
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